Financial Services Guide
61 Financial Information Technology Pty Ltd (ABN 36 618 439 820)
Corporate Authorised Representative (CAR number: 001277753) of WIT Capital Group Pty Ltd (“WCG”), the holder of Australian Financial Services License (AFSL number: 505077).
Last updated on 1 June 2020
ABOUT THIS FINANCIAL SERVICE GUIDE (“FSG”)
This FSG has been prepared and issued by 61 Financial Technology Pty Ltd (61 Financial) ACN 618 439 820 (“61 Financial”, “we”, “us”, and “our”), as the corporate authorised representative of the WIT Capital Group Pty Ltd (“WCG”, “our licensee”, “the licensee”, ABN: 55 622 536 485; AFSL 505077). This FSG has been prepared to provide you with information about the financial products and services that we offer. It is an important document and a regulatory requirement under the Corporations Act 2001 (Cth) (“Corporations Act”). This FSG contains general information only, it is designed to help you decide whether to use the financial services that we offer. If you have further questions regarding this FSG, please contact us.
The FSG provides information on:
■ Who we are and how you may contact us
■ The financial services that we may provide to you
■ Insurance arrangements
■ Remuneration, fees, and commissions
■ Our dispute resolution scheme
■ How we collect, use and disclose the information you provide to us
Who we are and how you may contact us:
61 Financial is a Melbourne-based company operating a bilingual (English & Chinese) stock market platform covering all ASX-listed companies. Based on comprehensive market data, integrating with daily news and robust investors’ communities, 61 Financial is missioned to provide site users with easy access to Australian stock market. Acting as a bridge to connect market participants, 61 Financial reaches out to a wider group of investors and potential shareholders to accelerate listed companies’ growth and success, by providing opportunities for institutions to establish connections with an extensive audience of affluent investors across the Asia-Pacific region. 61 Financial is also a member of the FinTech Australia.
61 Financial is a corporate authorised representative of WCG (AFSL 505077) and provides advisory and dealing services for securities for both retail and wholesale clients. We offer:
· General financial advice services, including market research reports, industry reports, and stock reports; and
· Dealing services by assisting a client to execute orders for a wide range of deposit products, securities and derivative contracts.
For more information, please visit our website at www.61financial.com.au.
Contact details & how you may instruct us
61 Financial Information Technology Pty Ltd
Address: Suite 19, 40-42 Montclair Ave, Glen Waverley, VIC 3150, Australia
Tel: +61 432 555 561
Client instructions may be provided via phone, email or via any other means as we agree with you.
Our licensee (WCG) can be contacted at:
Address: Suite 4, 334 Highbury Road, Mount Waverley VIC 3149 Australia.
Tel: +61 3 8577 9666
61 Financial is authorised to provide the following financial services to retail and wholesale clients:
· Provide general financial product advice in relation to basic deposit products and deposit products other than basic deposit products, derivatives and securities; such information is generally provided by way of recommendations to buy, hold, or sell;
· Deal by applying for, acquiring, varying or disposing of a financial product on behalf of another person in relation to basic deposit products and deposit products other than basic deposit products, derivatives and securities.
No Personal Advice
Please note that we do NOT provide personal advice which takes into account your individual investment objectives, risk profile, financial situation, or needs at any time. All information provided are considered as general financial product advice. You will need to make your own decision on whether or not to act on the general advice provided.
We recommend you seeking independent advice from a professional financial adviser to ensure you fully understand the risks considering your personal circumstances, prior to making any investment decisions.
Who we act for
We are responsible for the financial services we provide to you under the AFSL. 61 Financial acts as a corporate authorised representative of WCG (AFSL 505077) in relation to the financial services we provide to you. 61 Financial does not act as a principal to any transactions with you in respect of the financial products offered by us. Instead, we will act as your agent in dealing in such financial products.
Other documentation you may receive
You may receive a Client Agreement which governs the relationships you may enter into (e.g. in the process of opening a Cash Management Account or a trading account). You will also receive a Product Disclosure Statement (PDS) and any relevant Terms & Conditions (T&Cs) from a relevant financial product issuer. You must read and understand such PDS and T&Cs prior to making any investment decisions.
Our licensee has a professional indemnity insurance arrangement in place, which satisfies the requirements for compensation arrangements pursuant to section 912B of the Corporations Act. This policy covers claims made against the licensee in relation to professional services provided by the licensee’s representatives, employees, and authorised representatives.
Remuneration, fees, and commissions
When 61 Financial provides financial services to you, certain fees may be charged for providing these financial services. Please note that the fees charged are dependent on the nature of the financial services provided to you.
We will endeavour to explain all fees payable by you prior to any advice or products being offered to you. You can request further particulars of remuneration, fees and commissions we receive by using the contact details provided above.
If you acquire or enter into a financial product we refer you, the provider will charge you costs as set out in their PDS or offer document. In addition, we may receive referral fees from the product issuer/provider.
For the 61 iStocks Subscription Service available on the 61 Financial website, the fee schedule applied to this subscription is published online. The prices listed are subject to change. Subscription fees are due in advance and unless otherwise specified in the product’s terms of service, are non-refundable. Paid subscriptions automatically renew, until you notify 61 Financial of your decision to terminate your subscription.
The subscription fee includes the below services:
- General financial product advice in relation to Australian shares (buy and sell points provided as general advice only);
- General financial product advice for IPO and placement of Australian shares and other ASX capital raising opportunities; and
- Stock reports for Australian shares (e.g. IPO, placements, macroeconomics, event study, and market reports, as general advice only)
Our employees receive a salary and may also be entitled to performance-based bonus.
Conflicts of interest
61 Financial, its associates and/or other persons connected with 61 Financial, may have an interest, relationship, association or arrangement that is material in relation to any financial products in relation to which we offer services. We may provide services to third parties whose interests may be in conflict (taking an opposite position) or competition (to acquire the same or similar position) with your interests. We will not act in a way that would deliberately favour the position of another party over you or vice versa.
In addition, 61 Financial may receive commissions from the product issuers we refer you to.
In order to provide the financial services to you, both 61 Financial and our licensee (WCG) may have relationships with various service providers. Such relationships are in place to facilitate the operations of the financial services we provide. In particular, Phillip Capital Holdings Pty Ltd has been engaged to provide online / electronic trading services, and Macquarie Bank Limited has been engaged to provide Cash Management Account (“CMA”) services.
The parties with whom we (or our licensee) have these relationships may change. We will advise you if such change occurs from time to time.
Transactions in securities and derivatives such as shares and ETOs are conducted by our third-party broking partners. In most cases, these broking partners will pay to 61 Financial a portion of the fees, interest, financing, spreads and commissions that are paid by you when dealing in securities and derivatives. Up to 100% of this fee may be paid to 61 Financial. The FX spread charged by the third-party broking partner when you trade in international securities (other than Australian securities) is not paid to us.
Upfront fees and trailing commissions
We may receive commission from fund management groups, product issuers, or other financial service providers when we place investments on your behalf in relation to the securities. The exact amount of upfront commission may vary from 0.01% to 5% depending on the type of securities involved.
Some product issuers also have ongoing fees or trailing commissions which are payable to 61 Financial by the product issuer as long as you hold that financial product.
We may charge you a once-off administration fee in assisting you in preparations of the paperwork / forms in relation to the financial product of your choice. This fee is charged at $100 or 1% of your investment amount (whichever is greater).
Fees and commission paid to third parties
If you are introduced to 61 Financial by another AFS Licensee, 61 Financial may share a percentage of our revenue derived from your account with the referring party. Such fees or commission may be of a one-off nature or an ongoing nature.
If any amount we receive or pay any third parties are considered “conflicted remuneration” under the Corporations Act, then they will only be made with your explicit consent and you are entitled to receive full details regarding such payment upon written request.
61 Financial’s employees are remunerated by way of salary and other employee benefits. A discretionary cash bonus may be paid to employees as part of their remuneration, based on their individual performance, the performance of their business unit and/or 61 Financial as a whole. In addition, 61 Financial’s employees may also earn performance-based commissions and/or other monetary rewards, calculated by reference to predetermined business objectives or Key Performance Indicators (KPI) that may include contribution to company profitability, client service, risk management and marketing.
Our dispute resolution scheme
If you have a complaint about the financial services provided to you, you can follow the steps below for obtaining dispute resolutions available to you.
Step One: Any concerns or complaints should be directed to Info@61financial.com.au, detailing the nature of your complaint, including all relevant details, as well as your desired outcome and how this may occur. A 61 Financial representative will contact you to discuss the matter.
Step Two: If the matter is not resolved to your satisfaction within seven days by talking with our representative, we will apply our internal dispute resolution process to manage your concerns. Under these circumstances, the complaint or concern is escalated to the Complaints Officer of our licensee, WCG, or you may contact them in writing at Info@witcapital.com.au. The Complaints Officer will, on receipt of your written notice:
· Provide a written acknowledgement of your complaint within five (5) business days and indicate a timeframe in which WCG will formally respond to your complaint;
· Consider and investigate the circumstances of your complaint, which may also involve communicating directly with you;
· Notify you in writing of our decision, including the reasons for the decision and any potential remedies, within twenty (20) business days from receipt of your complaint.
If your complaint is not resolved within 20 business days, the Complaints Officer will inform you in writing of the reasons for the delay.
Step Three: If your complaint cannot be resolved to your satisfaction through our licensee’s internal dispute resolution process, you may refer your complaint, free of charge, to the Australian Financial Complaints Authority (AFCA) of which WCG is a member (membership number is 40883). AFCA can be contacted on 1800 931 678 or via mail:
Australian Financial Complaints Authority (AFCA)
GPO Box 3 Melbourne VIC 3001
Please kindly note that before AFCA will deal with your complaint, you must have first lodged a formal complaint with us and our licensee, and given us time to investigate and resolve the dispute.
Alternatively, other matters can be referred to the industry regulator, the Australian Securities and Investments Commission (ASIC) on 1300 300 630 or via the website www.asic.gov.au.
How we collect, use and disclose the information you provide to us